what happened to sppi stock

what happened to sppi stock

Asking "what happened to sppi stock"? This article answers that question clearly and in plain English. In short: SPPI was the Nasdaq ticker for Spectrum Pharmaceuticals, and trading ceased after Assertio Holdings announced and completed an acquisition in 2023. Read on to learn the deal terms, contingent-value-right (CVR) mechanics, key dates, market reaction, what shareholders received, and where to look for authoritative filings. You will also find a concise timeline, post-closing status, and practical notes for shareholders and market watchers.

Note: This article is informational and factual. It does not provide investment advice. For official terms, settlement mechanics, and tax considerations, consult company filings and your financial or tax advisor.

Quick answer (summary)

• "what happened to sppi stock": Spectrum Pharmaceuticals (ticker SPPI) was acquired by Assertio Holdings (ASRT) in an all-stock transaction with contingent value rights. Following the closing of the merger in late July/early August 2023, SPPI shares stopped trading on Nasdaq and the symbol was suspended/delisted.
• Spectrum shareholders received an exchange ratio of Assertio shares plus one CVR per SPPI share; the CVR entitles holders to contingent payouts if certain product sales milestones are met.

Background — Spectrum Pharmaceuticals (SPPI)

Spectrum Pharmaceuticals, Inc. was a U.S.-based biopharmaceutical company focused on oncology and supportive-care therapies. Prior to the transaction, the company was listed on the Nasdaq under the ticker SPPI. One of Spectrum's notable assets was ROLVEDON (eflapegrastim), a treatment intended to reduce the duration of neutropenia and related infection risk in cancer patients receiving myelosuppressive chemotherapy.

As of the acquisition period, Spectrum operated as a research-driven and product-commercializing company with ROLVEDON as a key commercial product. The value of that product and its future net sales were central to the contingent-value-right structure included in the deal.

Announcement of acquisition by Assertio Holdings

On April 25, 2023, Assertio Holdings and Spectrum Pharmaceuticals announced they had entered into a definitive agreement under which Assertio would acquire Spectrum. As of April 25, 2023, according to company press releases and financial media coverage, the deal was structured as an all-stock acquisition with an additional contingent-value-right component tied to ROLVEDON net sales.

As of April 25, 2023, according to BiOSPACE and major financial news outlets, the announcement set the terms and prompted an immediate market reaction for both SPPI and ASRT shares.

Deal terms (headline figures)

• Exchange ratio: Spectrum shareholders received 0.1783 Assertio shares for each SPPI share they held. This fixed exchange ratio determined how many Assertio shares each Spectrum share converted into at closing.
• CVR allocation: Spectrum shareholders received one contingent value right (CVR) for each SPPI share held. The CVR provides potential additional consideration contingent on ROLVEDON net sales milestones.
• Implied upfront consideration: Based on the Assertio share price at the time of announcement, the fixed exchange ratio implied an upfront value in the neighborhood of approximately $1.14 per SPPI share (announcement-period pricing can vary by source and intraday prices).
• Total potential consideration including CVR: When including the potential CVR payout, total consideration was described in coverage as roughly up to approximately $1.34 per SPPI share if the specified milestones were met and full CVR payments became payable.

These headline figures are summary-level and reflect market interpretations around the announcement. For final official calculations and conversion mechanics, refer to the companies' merger agreements and Form 8-K / proxy filings.

CVR milestones and mechanics

The CVR issued to Spectrum shareholders conditioned potential payouts on ROLVEDON net sales in specified reporting periods (for example, target net sales in 2024 and 2025). Key points regarding CVRs:

• CVRs are contingent: payout depends solely on whether ROLVEDON achieves the net sales thresholds spelled out in the merger agreement.
• Payment method: Assertio retained an election right to pay the CVR in cash or in shares (subject to terms in the agreement).
• Timing: CVR payments, if any, are subject to calculation, verification, and timing rules defined in the CVR documentation and merger agreements.

Because CVR outcomes depend on future commercial performance, they are inherently uncertain and should be viewed as contingent, not guaranteed.

Market reaction to the announcement

The acquisition announcement produced immediate market moves:

• SPPI shares rose sharply around the April 25, 2023 announcement. Coverage from market commentary and trade-activity reporting showed a significant jump (roughly in the tens of percentage points) as investors priced in the deal consideration and CVR expectations.
• Trading volumes in SPPI and related options activity increased materially around the announcement and subsequent corporate events, reflecting investor interest and event-driven trading.

As of April 26–28, 2023 coverage, financial press described SPPI shares spiking by roughly 30%+ intraday on heavy volume, while Assertio shares also traded on the market with corresponding adjustments to implied value for the exchange ratio.

Shareholder approval and closing

Spectrum shareholders voted to approve the merger at a special shareholder meeting on July 27, 2023. Following the shareholder vote and satisfaction of customary closing conditions, the companies completed the transaction around the end of July / start of August 2023.

• As of July 27, 2023, according to company communications, Spectrum holders approved the acquisition.
• The companies announced the close of the transaction at the end of July 2023. Public filings and company press statements indicated that the effective closing date was around July 31–August 1, 2023.

Trading halt, suspension, and delisting

What directly caused SPPI to stop trading? The corporate-action mechanics tied to the merger:

• Trading halt: After the deal closed, Nasdaq issued a corporate actions notice and trading in SPPI was halted after market hours. Specifically, Nasdaq's Equity Corporate Actions Alert (ECA2023-436) reported the halt and provided dates for last trade and suspension.
• Last trading date: The last regular trading date reported for SPPI was July 31, 2023. After that date, SPPI shares ceased ordinary market activity on Nasdaq.
• Suspension/delisting: Nasdaq's corporate actions notice indicated a marketplace suspension effective on August 2, 2023. The suspension followed the closing mechanics whereby Spectrum shares were converted per the merger terms and the SPPI listing was removed from active trading on Nasdaq.

As of August 2, 2023, according to the Nasdaq corporate-action notice, SPPI was suspended and delisted from Nasdaq following the closing of the merger transaction.

Post-closing status and integration

Following closing:

• Spectrum's legal entity and trading symbol (SPPI on Nasdaq) ceased to operate as a public standalone listed issuer.
• Spectrum's assets, operations, and commercial products such as ROLVEDON were integrated into Assertio's platform per the merger agreement.
• Former Spectrum shareholders received Assertio shares per the 0.1783 exchange ratio and one CVR per SPPI share.

Delisted securities sometimes reappear on over-the-counter (OTC) marketplaces where they can trade with limited liquidity; however, once shares are converted and canceled in a merger, the original listing is typically terminated and the legacy ticker becomes inactive. Shareholders should check their broker account statements or the settlement notices provided by the companies for precise post-closing holdings (e.g., number of Assertio shares received, CVR receipts, and any cash elections).

Impact on shareholders and investor considerations

What did Spectrum shareholders receive?

• Equity: Each SPPI share converted into 0.1783 Assertio shares at closing. The number of Assertio shares each former Spectrum shareholder holds depends on the exchange ratio and their pre-closing SPPI share count.
• CVR: Each SPPI share entitled its holder to one CVR, which could yield contingent payments if the ROLVEDON net sales targets were met in the specified calendar periods.

Practical considerations for shareholders:

• Settlement mechanics: After closing, brokers typically update accounts to show the new Assertio share holdings and CVR entitlements. The conversion and any fractional-share handling should follow the merger-agreement provisions and broker settlement procedures.
• Liquidity: Assertio shares (ASRT) traded separately on Nasdaq before and after the transaction. The CVR, if issued, may have limited or no liquidity depending on whether it is transferable and how it is registered. CVRs are often not broadly tradable until specific arrangements are set.
• Tax and reporting: Receiving stock and CVRs in a merger can have tax implications. Shareholders should review the companies' tax guidance (often included in proxy and Form 8-K documents) and consult a tax advisor for personalized advice.

Remember: The CVR outcomes are contingent on product sales, so any additional cash or shares from CVRs depend fully on future ROLVEDON performance and measurement periods.

Timeline (concise)

• April 25, 2023 — Assertio and Spectrum announce definitive agreement for an all-stock acquisition plus CVRs (announcement date). As of April 25, 2023, according to company press releases and financial coverage, the deal terms were published and market reaction followed.
• April 25–late July 2023 — Regulatory and shareholder processes, proxy filings, and public commentary period.
• July 27, 2023 — Spectrum shareholders approve the merger at a special meeting. As of July 27, 2023, according to the companies, shareholders voted to approve the transaction.
• July 31, 2023 — Last reported trading date for SPPI shares on Nasdaq; trading halted after-hours in connection with the closing mechanics.
• August 1, 2023 — Companies announced the close of the merger around this date (company statements reported the transaction had closed by the end of July / start of August 2023).
• August 2, 2023 — Nasdaq corporate-action notice lists the marketplace suspension effective August 2, 2023; SPPI effectively delisted/suspended from Nasdaq.

Controversies, litigation, or investor settlements

As of the close of the merger and the public notices available around July–August 2023, the primary sources used in this article do not highlight material litigation or class-action settlements specifically tied to the merger closing itself. That said, merger-related disputes, litigation, or claims can occasionally arise in corporate transactions. For the most current status on litigation or claims, consult the companies' SEC filings (Form 8-K, Form 10-Q, Form 10-K, or subsequent reports) and reputable legal/class-action trackers.

Where to verify the facts (primary sources)

For authoritative confirmation and full transaction details, review the following types of documents and notices:

• The companies' press releases and Form 8-K filings announcing the agreement and the closing. As of April 25, 2023 and the closing period, company Form 8-Ks and press statements set forth the transaction mechanics and official language.
• The merger agreement and proxy statement (filed with the SEC). These provide detailed terms on the exchange ratio, CVR structure, settlement mechanics, representations and warranties, and other material provisions.
• Nasdaq Equity Corporate Actions Alert (e.g., ECA2023-436) and Nasdaq notices for last trading dates, halts, and suspension/delisting effective dates. As of August 2, 2023, Nasdaq published the corporate-action notice documenting the suspension.
• Market coverage and trade-activity reporting from financial news outlets describing SPPI price moves, volumes, and options activity around the announcement and closing dates.

As of July 31–August 2, 2023, Nasdaq's official corporate notice is an authoritative source for trading-halt and suspension timing.

Additional context on CVRs and event-driven securities

Contingent-value rights (CVRs) are contractual instruments often used in mergers where part of the purchase price is tied to future performance. Common CVR features:

• Tied to measurable milestones (sales, regulatory approvals, etc.).
• Typically temporary — defined measurement periods and payment dates.
• Payouts can be cash, stock, or a combination per the merger agreement.
• Transferability varies — some CVRs trade, others are non-transferable until certain steps are taken.

For Spectrum–Assertio, the CVR focused on ROLVEDON net sales thresholds in 2024 and 2025. The CVR added potential upside to the upfront exchange value for Spectrum shareholders — but only if real-world sales reached the targets.

Common questions answered

Q: Is SPPI still listed on Nasdaq? A: No. After the Assertio acquisition closed, SPPI stopped trading on Nasdaq. Nasdaq issued a corporate-action notice indicating the last trading date and an effective suspension/delisting date in early August 2023.

Q: Can I still trade SPPI shares somewhere? A: Once a listed company is acquired and its shares are converted under the merger terms, the original ticker typically ceases to exist for trading. In some situations, remnants or related instruments might be tradable OTC, but in the Spectrum–Assertio case, the primary result was conversion into Assertio shares and issuance of CVRs, not a continuing SPPI listing.

Q: What did shareholders receive? A: Spectrum shareholders received 0.1783 Assertio shares per SPPI share and one CVR per SPPI share. The CVR could pay additional consideration if ROLVEDON sales milestones were met.

Q: Where can I find the official details? A: See the companies' SEC filings (Form 8-K, proxy statement, merger agreement) and the Nasdaq corporate-actions notice (ECA2023-436) for official dates and mechanistic details.

Practical next steps for former SPPI shareholders

• Check your brokerage account statement for the exchange result: confirm how many Assertio shares you received and whether CVRs appear as a separate line item.
• Review the distribution and settlement notices from Spectrum or Assertio for any fractional-share handling, fees, or cash-in-lieu provisions.
• Save relevant transaction documents and read the CVR terms carefully to understand payout triggers, timing, and whether payouts (if any) will be in cash or shares.
• For tax considerations, consult a tax advisor and review company-provided tax guidance related to the merger.

Where the coverage came from (reporting dates)

• As of April 25, 2023, according to Assertio and Spectrum press statements reported by industry press, the companies announced an agreement for Assertio to acquire Spectrum in an all-stock transaction plus CVRs.
• As of late April 2023, financial media outlets reported that SPPI shares jumped roughly 30% on the announcement and that trading and options volume rose materially.
• As of July 27, 2023, according to company statements, Spectrum shareholders approved the merger at a special meeting.
• As of July 31–August 2, 2023, Nasdaq published corporate-action notices indicating the last trading date (July 31, 2023) and marketplace suspension effective August 2, 2023.

Sources referenced in gathering these facts include company press releases and filing summaries (announcement and closing notices), Nasdaq corporate-actions alerts (ECA2023-436), and market reporting covering price reaction and options activity around the transaction dates.

See also

• Assertio Holdings (ASRT) — acquiring company in the transaction.
• ROLVEDON (eflapegrastim) — the product tied to CVR milestones.
• Nasdaq corporate-actions process — rules and notices related to halts, suspensions, and delistings.
• Contingent Value Rights (CVRs) — overview of how CVRs work in mergers.

References (selected; for verification)

• Company announcement (April 25, 2023): Assertio and Spectrum press releases and Form 8-Ks describing the merger agreement and terms (exchange ratio 0.1783 ASRT per SPPI share and one CVR per SPPI share).
• Market reporting (April 25–28, 2023): media coverage documenting SPPI price jump and volume increases following the announcement.
• Nasdaq Equity Corporate Actions Alert (ECA2023-436): Nasdaq notice reporting the halt, last trading date (July 31, 2023), and suspension effective August 2, 2023.
• Company closing notices and coverage (late July / early August 2023): statements confirming shareholder approval (July 27, 2023) and transaction close around July 31–August 1, 2023.

(All dates in this article reference the public announcements and notices issued by the companies and Nasdaq during the April–August 2023 timeframe.)

Further exploration: Want to track post-merger CVR outcomes or trade Assertio shares? Review official SEC filings for measurement details and consider using a regulated exchange or trusted platform. To manage digital assets, consider secure custody solutions like Bitget Wallet, and for trading or market access, explore Bitget's exchange services and educational resources to learn how corporate actions can affect holdings.

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